12.sep.2015
Below is
small write up on 2 gold schemes recently announced by Indian Government,
mainly to utilize gold more effectively and to curb gold imports in long run.
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Gold bond scheme
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Gold Monetisation scheme
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the gold bond will be denominated in gold which means that
on redemption, the investor will get money equivalent to the then prevailing
value of the total amount of gold mentioned on the bond certificate
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Gold has
to be melted and this is later passed to banks against which a certificate is
issued. On maturity, the customer can redeem the gold value with a small
interest
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Suitable mainly for gold
bars
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Suitable mainly for
gold ornaments
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The bonds, would be available both in demat and paper form
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Trading of gold bonds will be permitted
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Interest rate to be
decided
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Interest rate to be
decided
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Up to 500 grams worth of bonds per annum can be bought by an
individual
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Minimum 30 grams
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Lock in of 5-7 years,
however, early exit is allowed in bond trading market
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Lock in of short,
medium and long term categories. Periods range from 1 year to 15 years.
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A Gold Savings Account will be opened by customers at any
time, with KYC norms, as applicable. This account would be denominated in
grams of gold.
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One of the utilisation of Gold will be by lending
to jewellers. A Gold Metal Loan Account: denominated in grams of gold, will be
opened by the bank for jewelers.
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Some tax exemptions will be announced.
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Some tax
exemptions will be announced.
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Regards,
www.CAnaresh.com
, Chartered Accountants, Mumbai
General
disclaimer – above is personal views of CA Kunjan Shah and is to be relied upon
after due checks at your end. |